The Sensex and Nifty opened lower on Thursday tracking weakness in Asian peers after the dovish commentary from the US Federal Reserve.
The Indian equity benchmark indices Sensex and Nifty opened lower on Thursday tracking weakness in Asian peers after the dovish commentary from the US Federal Reserve. The Fed indicated that it would keep interest rates near zero through 2022.
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At 9:15 am, the Sensex fell 190.54 points or 0.56 percent to 34,056.51 while the Nifty traded 57.90 points or 0.57 percent lower at 10,058.25.
Broader indices outperformed the benchmark indices with Nifty Smallcap100 and Nifty Midcap100 indexes up 0.16 percent and 0.14 percent, respectively.
Barring FMCG and PSU Bank, all other Nifty sectoral indices traded lower with Nifty Pharma, Nifty Financial Services, Nifty Private Bank and Nifty Metal leading the losses.
Sun Pharmaceutical Industries, GAIL India, Tata Motors, Bharti Infratel and HDFC Bank were the top Nifty50 index losers while IndusInd Bank, Hero MotoCorp, UPL, ITC and Nestle India were the top gainers.
Shares of Sun Pharmaceuticals declined over 3 percent after the US extended price fixing lawsuit to dermatology topical medication. The lawsuit alleges collusion among competing generic drug makers to unlawfully allocate market share.
Globally, Asian shares eased while bonds rallied after a downbeat economic outlook from the Federal Reserve stoked speculation it would have to add to already historic levels of stimulus to safeguard recovery.